M-1, M-2 and M-3 financial definition of M-1, M-2 and M-3
M-1, M-2 and M-3
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Prior to the stepdown date or if a trigger event is in effect, principal will be distributed to the class IF-1 and class IIA-1 until the certificate principal balances have been reduced to zero, and then sequentially to the class M-1, M-2 and M-3
Interest and then principal will be paid sequentially first to the class A certificates, then to the M-1, M-2 and M-3
The `AAA' rating on the class A certificate reflects the 22% subordination provided by the M-1, M-2 and M-3
certificates, monthly excess interest and initial overcollateralization (OC) of 3.